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Form NRSRO

On September 24, 2007, the U.S. Securities and Exchange Commission granted the registration of Standard & Poor's Ratings Services** as a nationally recognized statistical rating organization ("NRSRO") under the U.S. Credit Rating Agency Reform Act of 2006 (the "Act"). The registration applies to all five of the following classes of credit ratings for which an NRSRO may be registered under the Act:

financial institutions, brokers, or dealers;

insurance companies;

corporate issuers;

issuers of asset-backed securities;

and issuers of government securities, municipal securities, or securities issued by a foreign government.

In accordance with the Act, we are making our current Form NRSRO and non-confidential exhibits available on this page.

Credit ratings performance measurement statistics. Exhibit 1 is attached and made a part of this Form NRSRO. This exhibit consists of:

Performance measurement statistics and related methodology information through the most recent calendar year-end for one, three and ten-year periods, and defaults relative to initial rating, for the following:

Credit rating definitions of the designations used to distinguish the creditworthiness of rated obligors, securities and money market instruments.

History of Ratings Actions

In accordance with the rules of the Securities and Exchange Commission (the "Commission"), the NRSRO makes and keeps publicly available on its internet website in an interactive data file in XBRL format the ratings action information required pursuant to 17 CFR §240.17g-7(b)

* To meet local regulatory requirements, a Code of Conduct is in effect in Australia in addition to the global Code of Conduct.

Organizational structure. Exhibit 4 is attached to and made a part of this Form NRSRO.

The NRSRO, S&P Global Ratings, is comprised of (i) a separately identifiable business unit within Standard & Poor's Financial Services LLC, a Delaware limited liability company wholly-owned by S&P Global Inc. ("SPGI"), and (ii) the credit ratings business operated by various other subsidiaries that are wholly-owned, directly or indirectly, by SPGI.

SPGI's operations consist of four divisions, described below.

S&P Global Ratings

The businesses comprising the division S&P Global Ratings are independent providers of credit ratings, research and analytics to investors, issuers and market participants. This includes the NRSRO and certain other ratings-related businesses.

S&P Global Market Intelligence

S&P Global Market Intelligence (formerly S&P Capital IQ and SNL) is a global provider of digital and traditional financial research and analytical tools for capital market participants. It delivers to customers an integrated portfolio of cross-asset analytics, desktop services, and investment information in the financial information, data and analytics market.

S&P Dow Jones Indices

S&P Dow Jones Indices is a global index provider that maintains a wide variety of indices to meet an array of investor needs. S&P Dow Jones Indices' mission is to provide transparent benchmarks to help with decision making, collaborate with the financial community to create innovative products and provide investors with tools to monitor world markets.

The code of ethics in effect at the credit rating agency or a statement of the reasons why the credit rating agency does not have a code of ethics. Exhibit 5 is attached and made a part of this Form NRSRO.

Note: Capitalized terms used but not defined in the policies below generally will have the meanings assigned in the Glossary of Terms included within Exhibit 2 to this Form NRSRO.

* To meet local regulatory requirements, a Code of Conduct is in effect in Australia in addition to the global Code of Conduct.

Certain information regarding the credit rating agency's credit analysts and credit analyst supervisors. Exhibit 8 is attached to and made a part of this Form NRSRO.

The total number of credit analysts (including credit analyst supervisors).

The total number of credit analyst supervisors.

A general description of the minimum qualifications required of the credit analysts, including education level and work experience (if applicable, distinguish between junior, mid, and senior level credit analysts).

A general description of the minimum qualifications required of the credit analyst supervisors, including education level and work experience.

The total number of credit analysts* as of December 31, 2016: 1,532

The total number of credit analyst supervisors as of December 31, 2016: 158

* Defined for these purposes as those persons who are Analysts as defined in the Glossary of Terms included within Exhibit 2 to this Form NRSRO. The number shown includes credit analyst supervisors who are also credit analysts.

Qualifications for credit analysts are generally as follows and as to professional experience may vary by region:

Junior Credit Analysts

Mid-Level Credit Analysts

Senior Level Credit Analysts

Preferred Minimum Education

BA or BS in business related field.

BA or BS in business related field. Advanced degree preferred.

BA or BS in business related field. Advanced degree preferred.

Preferred Minimum Experience/Skills

Typically 2 years or more of credit, analytical or related financial services experience preferred. For entry-level positions, in light of the nature and supervision of these positions, there is no additional minimum experience requirement.

Reproduction and distribution of this information in any form is prohibited except with the prior written permission of Standard & Poor's Financial Services LLC and its affiliates (together, “S&P”). S&P does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such information. S&P GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. S&P shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of this information, including ratings. S&P ratings are statements of opinions and are not statements of fact or recommendations to purchase hold or sell securities. They do not address the market value of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. Please read our complete disclaimer here.